Solar energy is an attractive option for many homeowners and business owners. The idea of reducing electricity bills, supporting sustainable practices, and increasing home equity are just a few of the great features of going solar. But how much does it cost?
We get it. We don’t like spending more money than we must either. But there has never been a more financially supportive time in Alberta’s history – to go solar. So let’s help break down the numbers, and see how affordable solar is.
What does a solar panel cost?
This can differ depending on solar panel size and type. These factors will depend on how much electricity you use, and your site. A quick search will show individual panels can cost anywhere between $50.00 for a small panel, to $300.00 for a large one.
Because of this, it’s better to estimate the cost based on the size of the solar PV system.
Although solar PV system costs also can vary quite dramatically, they usually range from $10,000 to $25,000.
How much does maintenance cost?
Solar panels are actually very low maintenance. Once they are installed, just let them do their job! If they become heavily covered in dust or debris, you can contract someone to clean them off which does not cost very much.
We don’t recommend cleaning them yourself for safety reasons. You can contact your solar contractor for help finding someone to clean the panels.
If they don’t do it themselves, they should be able to recommend someone.
The panels themselves are very durable and should last for decades. If something does go wrong with one of them, warranty may cover the cost of replacement, otherwise it may need to be replaced.
How much will my electricity bill go down?
This depends on the size of your solar array. While your electricity costs can be brought down significantly, possibly even to zero, you will still have to pay fees for services such as distribution by your utility provider.
How long will it take my investment to pay off?
Again, this depends on the size of your solar array and your electricity usage habits. Anywhere from 10 – 20 years is common but could be shorter or longer depending on your electricity consumption and solar array size.
During this time however, you are paying off equity you have invested in your home, instead of paying for the electricity itself!
How can I afford solar panels?
There are several different ways to afford solar panels. First off, you will need the initial investment. Once the solar panels are installed and operational, there are several types of rebates available.
Savings, Friends, and Family
Usually one of the first places people go to for financing any home investment is their own savings, or small contributions from friends and family.
Lot’s of financing options are available for funding solar panels installations. We even have our own financing! Take a further look into financing here.
Loans / Line of credit
Loans and lines of credit are like financing and can be obtained from most financial institutions. Talk to your bank for loan / line of credit options and interest rates.
Solar is great! If you are social savvy, why not make a case for going green? You might be surprised how many people will support your efforts in establishing a sustainable lifestyle.
Rebates and Incentives
This is what you’ve been waiting for. Alberta has been slow in supporting renewable energy transition but is making up for it. Both Alberta and Municipal rebates now exist, and we can even help you find out which is the best option for you. Take a look at our incentives and rebates page here.
Want more help?
Give us a call or send us an email to find out more! We can go through the entire process with you, do a site and cost estimate, and go through funding options with you. Give us a call or send us an email to get started.